The Toronto stock market fell Monday as prices for commodities, particularly gold, drove down the index amid data that showed slightly smaller-than-expected increases in China's industrial production and retail sales.
The S&P/TSX composite index dumped 48.57 points to greet noon at 12,540.52 – off its lows of the morning.
The Canadian dollar grew 0.13 cents to 98.95 cents U.S.
The majority of companies in the gold sector declined including Iamgold Corp., which experienced a drop of 3.1%, or 18 cents to $5.56 per share.
Among energy plays, EnCana Corp. fell 2.7%, or 53 cents, to $18.79 per share.
July copper was unchanged at $3.36 U.S. a pound, while the metals and mining sector fell by 1.7% Sharse in miner First Quantum Minerals were down more than 2% or five cents at $18.62.
No major Canadian economic data was scheduled for release today.
ON BAYSTREET
The TSX Venture Exchange eased 5.27 points to 963.33.
All but four of the 14 Toronto subgroups were lower mid-Monday. Gold sank 1.9%, while materials and global base metals each gave back 1.7%.
The four gainers were led by health-care, up 1.5%, information technology, up 0.6%, and telecoms, up 0.2%.
ON WALLSTREET
The U.S. Federal Reserve and its bond buying program were a hot topic Monday, following a Wall Street Journal report over the weekend that said central bank officials were considering an exit strategy for the massive stimulus measures that have been fueling the economy since late 2008.
The Dow Jones Industrials remained negative 27.87 points to break for lunch at 15,094.60
The S&P 500 index was up 1.97 points to 1,635.67, while the NASDAQ Composite recovered 8.59 points to 3,445.17
Currently, the Fed buys $85 billion U.S. a month of mortgage-backed securities and Treasuries. And just last month, the Fed said it stands ready to either "increase or reduce the pace" of those purchases in response to economic activity.
Companies will continue to open their books this week, with Macy's, Wal-Mart and J.C. Penney, as well as networking firm Cisco Systems on deck.
Shares of Tesla Motor extended last week's rally. The electric car maker reported its first quarterly profit last week, and a separate report said Tesla sales outperformed German luxury brands.
With earnings winding down, S&P Capital IQ said, of the 453 S&P 500 companies that have reported first quarter results, 301 have beat analysts' estimates, 115 have missed, and 37 have met.
Economically speaking, the U.S. government reported that retail sales edged up 0.1% in April, versus expectations for a 0.3% decline.
Prices on the 10-year U.S. Treasury fell, lifting yields to 1.92% from Friday’s 1.90%. Treasury prices and yields move in opposite directions
Oil prices dropped 72 cents to $95.32 U.S. a barrel.
Gold prices shed three dollars at $1,433.60 U.S. an ounce
